Clean Commodities has announced that the Corporation, as Operator, has commenced a work exploration program at the Manitou Cobalt Project, under option from Canadian International Minerals Inc. (Canadian International).
The helicopter-supported, multi-crew exploration program commenced on July 23 and is focused on field sampling and prospecting numerous targets and showings already identified within the project. In addition, exploration crews will be field confirming a number of prospective drilling locations to be further evaluated upon receipt of assay results from field samples, which are expected to be processed on an expedited basis.
"We are excited to have crews on the ground actively exploring the Manitou Cobalt Project, which is an advanced exploration project that has attracted considerable technical interest within our industry. On behalf of our shareholders, we are pleased to be moving this high-impact, cobalt-nickel-PGM exploration project forward both this summer and beyond," stated Ryan Kalt, Chief Executive Officer of Clean Commodities Corp.
Three-Fold Increase to Exploration Program Budget
Following additional technical review of the Manitou Cobalt Project, the parties determined that a larger exploration budget would more effectively evaluate the significant number of targets and showings within the project area. Consequently, but subject to a back-in right, Clean Commodities and Canadian International have agreed to modify the option agreement such that Clean Commodities will hold 75% of the Manitou Cobalt Program in exchange for a three-fold increase of the initial exploration earn-in budget originally announced by the parties on February 20, 2017.
Clean Commodities Corp. has fully funded this new, increased exploration budget. Canadian International has the right to back-in to the expanded exploration program and retain a 50% portion of the Manitou Cobalt Project by funding one-half of the increased budget amount within thirty-days of the commencement of the exploration program.